Lucid Group (NASDAQ:LCID) Trading Down 5%

Lucid Group, Inc. (NASDAQ:LCID) shares fell 5% during mid-day trading on Monday . The company traded as low as $3.02 and last traded at $3.03. 9,195,455 shares were traded during trading, a decline of 71% from the average session volume of 32,068,025 shares. The stock had previously closed at $3.19.

Analysts Set New Price Targets

A number of research analysts have weighed in on LCID shares. Robert W. Baird reaffirmed a “neutral” rating and set a $3.00 price target on shares of Lucid Group in a research report on Monday, July 8th. Citigroup restated a “neutral” rating and set a $2.90 target price on shares of Lucid Group in a report on Monday, April 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a report on Tuesday, August 6th. Stifel Nicolaus reduced their price objective on Lucid Group from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, May 8th. Finally, Cantor Fitzgerald raised Lucid Group from an “underweight” rating to a “neutral” rating and set a $4.00 target price for the company in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat.com, Lucid Group presently has a consensus rating of “Hold” and a consensus price target of $4.04.

Lucid Group Stock Performance

The firm has a market cap of $6.69 billion, a price-to-earnings ratio of -2.35 and a beta of 1.04. The company has a quick ratio of 4.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.49. The company has a 50 day moving average of $3.04 and a 200 day moving average of $2.97.

Lucid Group (NASDAQ:LCID) last announced its earnings results on Monday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.02). Lucid Group had a negative net margin of 441.29% and a negative return on equity of 53.53%. The business had revenue of $200.58 million during the quarter, compared to analyst estimates of $190.30 million. During the same period in the previous year, the company earned ($0.40) earnings per share. The business’s revenue for the quarter was up 32.9% on a year-over-year basis. As a group, equities research analysts expect that Lucid Group, Inc. will post -1.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Treasurer of the State of North Carolina lifted its position in shares of Lucid Group by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 330,438 shares of the company’s stock worth $1,391,000 after purchasing an additional 3,230 shares during the last quarter. Pine Valley Investments Ltd Liability Co raised its position in shares of Lucid Group by 34.9% during the 2nd quarter. Pine Valley Investments Ltd Liability Co now owns 13,710 shares of the company’s stock valued at $36,000 after acquiring an additional 3,549 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Lucid Group by 6.0% during the second quarter. Principal Financial Group Inc. now owns 66,004 shares of the company’s stock worth $172,000 after purchasing an additional 3,715 shares during the last quarter. Heritage Wealth Advisors boosted its holdings in Lucid Group by 53.3% in the first quarter. Heritage Wealth Advisors now owns 11,500 shares of the company’s stock worth $33,000 after purchasing an additional 4,000 shares during the period. Finally, Apollon Wealth Management LLC increased its stake in Lucid Group by 24.6% during the fourth quarter. Apollon Wealth Management LLC now owns 21,103 shares of the company’s stock valued at $89,000 after purchasing an additional 4,170 shares during the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.